Irrespective of the size and industry, companies are always mandated to educate their people on applicable norms and rules. This sort of compliance training helps educate employees on the laws and regulations pertaining to their industry or specific job function. As a result of this, there has been staggering growth in the adoption of compliance eLearning platforms and solutions.
While other things, like the tools required for the job, can be learned while on the job, compliance training is something that needs to be dealt with upfront. Compliance eLearning is, therefore, the need of the hour for businesses of all shapes and sizes. Everybody needs to take regulatory compliance seriously, and it’s best to train your people appropriately for legality & compliance-related issues.
The Potential Repercussions of Non-Compliance
As a matter of fact, India passed the Aircraft (Amendment) Bill in 2019 which maximized the fines for breach in airline safety norms, from Rs 10 lakhs to Rs 1 crore. In the BFSI sector, Reserve Bank of India fined banks worth Rs 123 crores the same year for regulatory compliance breaches. The pharmaceutical sector too faced the brunt of regulatory compliance breach this year when an Indian drug manufacturer had to pay USD 50 million in fine for destroying records before an FDA inspection at their plant.
The repercussions of not being compliant with the regulatory norms in these three sectors are lethal. It can lead to imposing of heavy fines by the federal authorities or can result in seizure of business operations. A humongous business loss is due if you are a player in one of the three stated industries and are found to be non-compliant.
Some industries or domains of operations need more monitoring and compliance restrictions than others. This is mostly because of the various laws and regulations that govern the businesses running under those domains. The purpose of these regulations is to protect businesses, customers, and the ecosystem, and the laws are generally more stringent for industries that deal with critical aspects of our day-to-day functioning. They comprise Pharma, Aviation, and BFSI.
Compliance eLearning for Pharma, Aviation, and BFSI
Compliance management is considered a serious matter in the Pharma, Aviation, and BFSI industries, and compliance eLearning solutions are therefore a necessity for them. Let’s briefly look at why these three industries require an industry-specific compliance eLearning platform for being compliant with the regulatory norms.
Pharma
The pharmaceutical sector needs to abide by varied laws and amendments that are issued by the federal authorities from time to time. Not complying with the same can lead to serious repercussions, i.e., heavy fines and legal cases against the company operations. Hence, pharma companies strive for an effective compliance eLearning solution to keep their staff compliant to regulatory norms at all times. Since pharma is a field that directly deals with human lives, it’s paramount to offer good compliance eLearning to the workforce.
Aviation
The tremendous growth in the aviation industry has led to an increase in demand for compliance training for varied kinds of staff (above-the-wing, under-the-wing, security) that aid in keeping the aviation firms operational. From technicians to pilots to quality control engineers, everybody needs a different kind & form of training. Besides, compliance norms differ for each job role, and the amendments in those norms are made by the aviation authorities from time to time. As a result, the aviation industry needs to provide for a solid and comprehensive compliance eLearning platform for their staff to keep compliant with the stringent aviation laws.
BFSI
BFSI, the acronym for Banking, Financial Services, & Insurance, has seen a serious transformation in the past decade or so. This has mostly been a result of the extremely pervasive technology that has seeped in and changed the way things work in the current times. The quick transformation also happened due to the drastic changes in economic reforms that took place in the recent past. As a result of this, compliance eLearning fast rose to prominence in the BFSI industry as it helps the workforce keeping informed of all the information pertaining to various legal and regulatory challenges.
Key Benefits of Compliance eLearning Solutions for Pharma, Aviation, and BFSI Sector
As mentioned earlier, whether for BFSI or Aviation or Pharma, or any other industry, the end goal of implementing compliances and regulations is to make the services better for the end-user. So, complying with them not only helps you as an organization but also keeps your customers happy. That being said, let’s look at a few benefits that compliance eLearning offers for the three mentioned industries:
• Quickly updating the learning content whenever there’s a change in regulations, using a centralized eLearning repository.
• Generating reports, proofs, and visual aids to help understand your people's compliance eLearning progress.
• Assessing different staff members based on their eLearning progress and providing personalized help to people who need it.
• Enhancing accountability, ability, and general work ethics of employees in different job roles within the company.
In conclusion
Compliance management can be a challenging aspect for many businesses but is something that must be dealt with. Your organization must be legally compliant, and the staff working for you must follow all the practices that constitute the regulatory guidelines. Industry-specific compliance eLearning solutions are tailor-made for your industry and can help tackle the problems you’re likely to face, and as a result, they’re very much in demand across organizations that fall under the stated three industry domains.
G-Cube is among the fastest-growing learning-tech organization in the entire Asia-Pacific region with 80+ awards in the last 6 years, and a noteworthy experience of 20+ years in the said domain. Our LMS (Learning Management System) Suite is highly compatible to the current eLearning needs of varied industries. For any queries, please do write to us.
G-Cube is among the fastest-growing learning-tech organization in the entire Asia-Pacific region with 80+ awards in the last 6 years, and a noteworthy experience of 20+ years in the said domain. Our LMS (Learning Management System) Suite is highly compatible to the current eLearning needs of varied industries. For any queries, please do write to us.